Product differentiation that makes the product ________ is horizontal differentiation.
A. less expensive to produce than the rival's product
B. better for some consumers and worse for others
C. more similar to the rival's product
D. better than a rival's product from everyone's perspective
Answer: B
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Assuming a long-run aggregate supply curve, an increase in the money supply results in ________ in output and ________ in price level
A) an increase; no change B) a decrease; no change C) a decrease; a decrease D) no change; an increase
If the nominal gross domestic product (GDP) is $6 trillion for a particular year, and the real GDP is $3 trillion, then the GDP price index is 167
a. True b. False Indicate whether the statement is true or false
The three primary systems for allocating resources are
a. tradition, command, and central planning b. tradition, central planning, and communal c. command, market, and socialism d. tradition, command, and market e. communal, command, and capitalism
In 1773, who won 20,000 pounds (approx. 12 million dollars) by becoming the first person to accurately measure longitude while out at sea?
a. John Harrison b. James Cook c. Alexander Agassiz d. Roald Amundsen